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NEW YORK CITY-Fortunoff is shuttering its Manhattan store–at 57th Street and Fifth Avenue–and entering into discussions with liquidators, according to the Bloomberg Press. The retailer may soon file for bankruptcy protection.

The chain was purchased by NRDC Equity Partners LLC last year when it first looked into filing for Chapter 11. The downturn has hit retailers particularly hard, as people cut down on non-essentials.

To read the entire Bloomberg story, click here.

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